I own a couple of puts on the vix. We’ll see where it goes.
As long as they’re out far enough that the theta doesn’t decrease the value of the put faster than the delta brings it into the money, you should make money.
The VIX can’t stay elevated for very long. Even when we were going positively blind with fury in 2008, the highest levels of the VIX and VXN could not be maintained for very long (relative to an option).